Paying for College

President Obama Acts on Student Loan Debt

President Obama has taken the initiative and imposed an executive action in an attempt to quell the ongoing issue of student loan debt. In case you’ve been on vacation in another galaxy and don’t know what the student loan “crisis” is about, here a bit of a refresher:

Outstanding student debt topped $1 trillion in the third quarter of 2013, and the share of loans delinquent 90 days or more rose to 11.8 percent, according to the Federal Reserve Bank of New York. By contrast, delinquencies for mortgage, credit card, and auto debt all have declined from their peaks.

One trillion dollars. That’s one hundred thousand million dollars. If all those dollar bills were laid end to end, it would reach all the way to how far you want to be from this situation.

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